May 11, 2015

PHILIPPINE STOCK EXCHANGE, INC.

Disclosure Department
3rd Floor, Philippine Stock Exchange Center
Ayala Triangle, Ayala Avenue
Makati City
Attention: Ms. Janet A. Encarnacion
Head, Disclosure Department
Gentlemen:
Please

find

attached

the

media

release

of

the

Company

PETRON SALES VOLUMES GROW BY 10% IN FIRST QUARTER OF 2015.

Very truly yours,

JOEL ANGELO C. CRUZ

VP - General Counsel &
Corporate Secretary

entitled

May 11, 2015

MEDIA RELEASE
FOR PUBLICATION & BROADCAST
PETRON SALES VOLUMES GROW BY 10% IN FIRST QUARTER OF 2015
Oil industry leader Petron Corporation reported a 10% increase in consolidated sales volumes
in the first quarter of 2015 with sales reaching 22.9 million barrels against 20.7 million barrels
over the same period last year. Philippine volumes surged by 20% to 14.3 million barrels as
Petron saw growth in key market segments.
In the first quarter of 2015, benchmark Dubai crude averaged US$52/barrel versus the
US$104/barrel average from the same period last year.
As a result, Petron reported a consolidated income of P257 million over the period which would
have been much higher if not for the inventory loss of about P3 billion for the quarter.
Revenues likewise decreased by 31% to P86.7 billion, reflecting the drop in oil prices. Last year,
the Company posted an income of P2.2 billion during the same period.
While the drop in oil prices put pressure on our margins, efforts to increase sales volumes, the
completion of strategic projects, and our disciplined approach to risk management moderated
its impact, President and CEO Ramon S. Ang said.
We fully understand that long-term growth will always be disrupted by short-term instability
and our investments will enable us to grow, even thrive in this challenging business
environment. With RMP-2 expected to be fully commissioned in the next few months, margins
will be more stable despite volatility in crude prices, Mr. Ang added.
The sales growth in the first quarter of the year is anchored on Petrons retail expansion
program and maximizing sales in its existing network. The Company has an additional 300
service stations in the pipeline over its current 2,800 to ensure its premium fuels and services
benefit more customers in the Philippines and Malaysia.
(end)

About Petron Corporation

Petron Corporation is the largest oil refining and marketing company in the Philippines and is a leading player in the Malaysian
market. It has a combined refining capacity of 268,000 barrels-per-day and produces a full range of world-class fuels and
petrochemicals. It has nearly 2,800 service stations where it retails gasoline and diesel. Petron is dedicated and passionate about its
vision to be the leading provider of total customer solutions in the energy sector and its derivative businesses. Please visit us at
www.petron.com for more information.
Contact: Raffy Ledesma
Number: 884-9148
E-mail: rrledesma@petron.com
www.petron.com
www.facebook.com/PetronCorporation
www.twitter.com/Petron_Corp